Lawyers' Liability Claims: The Current Outlook

Across the lawyers' liability field, experience continues to be that claims volumes in general are down, although the severity of claims continues on an upward trajectory (albeit we are seeing a growing difference between the sums initially claimed and ultimate settlement or judgment values). What is driving the reduction in claims numbers, where are the claims still coming from, and what are the current issues which might give rise to future claims?

The economic climate

Our experience is that claims arising from the financial crisis have now largely worked their way through the system or become time-barred. The teams lenders put in place to review loan books and pursue potential claims are, we understand, being wound up, or are keen to dispose of the last remaining claims.